Salsa has raised $10 million to help software platforms embed payroll features inside their own products.
By embedding Salsa’s application programming interfaces (APIs) in their platforms, developers can enable businesses to handle payroll within the same software platform they use to manage their business and employees every day, Salsa said in a Wednesday (May 10) press release.
“The reason this hasn’t happened yet is because payroll products have always been very hard to build and maintain,” Salsa CEO and Co-founder John Kramer said in the release. “With Salsa, any developer can imagine a better payroll experience and launch it a month later.”
Salsa’s APIs can be embedded into a variety of platforms serving United States and Canadian businesses — point of sale, scheduling, booking, neobank and freight management, for example — providing developers with another way to generate revenue and giving their customers an all-in-one solution, according to the release.
Salsa’s funding round was led by Greycroft, Better Tomorrow Ventures and Definition, the release said.
“Salsa has identified and addressed a major gap in the FinTech industry by creating a smart and efficient method to integrate payroll into the platforms businesses are already using,” Greycroft partner Will Szczerbiak said in the release. “John and his team have taken a novel approach to the problem of making payroll better, and they’ve designed a way to make it easier to build for customers across multiple sectors.”
In other news related to payroll, Santander Bank N.A. and DailyPay partnered in April to offer an on-demand pay benefit.
With their collaboration, Santander’s Commercial Banking clients in the U.S. can provide their employees with immediate access to their pay as they earn it.
Also in April, credit union service organization (CUSO) Dora Financial launched a payroll payment system for businesses with independent contractors and gig workers.
The new DoraPay enables more efficient management of 1099 payroll and the offering of employer-sponsored benefits.
In March, Rain raised $116 million to upgrade its platform that lets employers offer workers on-demand pay or earned wage access (EWA).
Rain’s service is free to employers who offer it as a voluntary benefit to workers, who in turn pay a fee every time they withdraw earned wages.
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